(LEAD) Hyundai Development Q1 net jumps 23 pct on more completed projects

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SEOUL, April 23 (Yonhap) -- HDC Hyundai Development Co. on Thursday reported that its first-quarter net profit jumped 23 percent on increased construction projects.

Net profit for the January-March period jumped to 104.86 billion won (US$85 million) from 85.58 billion won a year earlier, HDC said in a statement.

"Large-scale apartment construction projects were reflected in the quarterly results. In the second quarter, some property development projects will help boost earnings results despite uncertain business environments amid the coronavirus outbreak," it said.

Operating profit soared 35 percent to 137.31 billion won in the first quarter from 101.53 billion won a year ago. Sales rose 14 percent to 1 trillion won from 881 billion won during the same period.

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